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Revolut Business is an online current account for businesses and freelancers.
The main difference between Revolut Freelancer and Company is that the latter can be used by multiple employees. As for similarities, the two Revolut Business plans share the following main features.
Multi-currency account: Revolut’s business accounts allow you to receive and send money in 28 different currencies. Money transfers in the Eurozone and UK (via Faster Payments) don’t cost much or are included on the paid plan, while global transfers cost Revolut’s transfer fee plus potential hidden fees by intermediary banks.
Payment cards: A Revolut Business account includes the option to order several prepaid Mastercard debit cards. These will allow you to withdraw money at ATMs and pay in most shops in the UK and abroad (chip and PIN or contactless). You can also create virtual bank cards in your choice of currencies for secure online transactions.
The main account manager can set up custom restrictions for each card – and block the cards with just a click.
Revolut still does not offer loans or overdrafts to any user, but the company says these options are “coming soon”. Card payments are therefore subject to authorisation, and the account can never be overdrawn (i.e. it is a prepaid account).
Mobile app: You can manage the account entirely through the Revolut Business app for phones and tablets, although the web account has a slightly more detailed interface.
Revolut Connect: Users can link their Business account to different apps for accounting (Xero, QuickBooks or FreeAgent), task automation (Zapier) or communication (Slack).
Open API: Advanced users can use Revolut’s application programming interface (API) to integrate with other software and applications. This allows you to automate your own workflows such as cross-border payments and payouts to clients and staff.
Perks: The paid Revolut plans give you discounts and benefits from partners like Google Ads, Slack and Deliveroo for Business.